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Finance Act 2017 – An Overview

“The Finance Act has come into force w.e.f. 1 st April, 2017 while providing some relief to lower income groups by way of lower tax slabs. The Act has introduced stringent amendments in taxation laws. Continuing on its endeavour for a transparent system the government has also made AADHAR mandatory for tax filing from 1 st July, 2017 and mandatory disclosure of cash transactions for the demonetization period. Various other amendments has been taken up in the Finance Act, 2017 which shall keep an overall track of the taxation provisioning for all types of assessees.” ...

“MCA has notified the provisions governing valuation by registered valuers [section 247 of the Companies Act, 2013 (the Act)] and the Companies (Registered Valuers and Valuation) Rules, 2017 (the Rules), both to come into effect from 18 October, 2017. In addition, the MCA has specified the Insolvency and Bankruptcy Board of India (IBBI) as the responsible authority.
The notified Rules lays down the criteria for individuals, partnership entities and companies to be eligible to be registered as valuers under the Act. Apart from this, the Rules contain other aspects pertaining to registered valu ...

Draft ICDS on Real Estate Transactions – An Analysis

Post introduction of RERA, the government has published the draft Income Computation and Disclosure Standards (ICDS) on Real Estate Transactions to streamline accounting standards in Real Estate. ICDS are a set of accounting policies and standards used for computing taxable income and not for maintaining books of accounts The main highlights of the draft ICDS –
• Defining how revenue and costs are to be recognized;
• Defining components of project costs for computation of taxes;
• Defining valuations of inventories;
• Treatment of Transferable Development Rights; and
• Other items crit ...